Jones Day Reps FirstMerit In $912M Bank Buy

Law360, New York (September 13, 2012, 12:04 PM EDT) -- Ohio financial services company FirstMerit Corp. will purchase Michigan-based lender Citizens Republic Bancorp Inc. in a stock-for-stock deal valued at roughly $912 million, the companies announced Thursday.

The terms of the merger call for Citizens Republic stockholders to receive 1.37 shares of FirstMerit for every share of Citizens Republic common stock. Based on FirstMerit's 10-day average closing price of $16.42 on the Nasdaq, the implied value of each Citizens Republic share would be $22.50, the companies said. That would be a 13.9 percent premium to the...
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